Toys R Us planning to close or sell all U.S. stores

Toys R Us, the iconic retail chain that has sold toys and games to millions of children for generations, is closing up shop in the United States.

The company decided to close or sell its remaining stores after its executives met with creditors throughout Wednesday, according to three people briefed on the discussions. More than 30,000 American jobs are at risk as a result.

Liquidation sales will take place over the next few months, as the company clears the shelves at its roughly 880 Toys R Us and Babies R Us stores around the country. In September, the private-equity-owned retailer filed for bankruptcy, one of the largest ever in the retail industry.